Chicago Fed National Activity Index, May 2004

The Chicago Fed National Activity Index May 2004 moved sharply higher, to +0.91, from a downward revised +0.52 the previous month. As was the case in April, production- and employment-related data added the most to May's CFNAI, although each of the four broad categories of indicators that comprise the index made positive contributions.

The three-month moving average, CFNAI-MA3, was +0.75 in May, up from +0.66 in April. This was the ninth consecutive reading above zero and the highest since

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